Amidst the dynamic panorama of world wealth migration, New Delhi reviews a notable shift: an estimated 4,300 millionaires poised to depart their nations within the present yr, as unveiled by the Henley Non-public Wealth Migration Report 2024.
Printed by Henley & Companions, a number one worldwide funding migration advisory agency, the report underscores India’s diminishing wealth exodus, positioning it third globally after the UK, which anticipates the departure of 4,300 millionaires in 2024, down from 5,100 within the earlier yr.
The report forecasts China to witness the most important outflow of millionaires worldwide, with an anticipated 15,200 high-net-worth people (HNWIs) departing the nation this yr, marking a rise from 13,800 in 2023. Conversely, the UK tasks an unprecedented internet lack of 9,500 millionaires in 2024, positioning it because the second-largest world loser after China. This determine greater than doubles final yr’s exodus of 4,200 HNWIs, itself a document following the departure of 1,600 in 2022.
UAE: The Magnet for Affluence
For the third consecutive yr, the United Arab Emirates (UAE) emerges because the best choice for prosperous people worldwide, with an anticipated inflow of 6,700 rich migrants making the Emirates their new domicile by year-end. This pattern is notably propelled by a considerable inflow from the UK and Europe.
The report delves into the tangible ramifications of those developments on millionaires, shedding gentle on the migration patterns to the UAE in comparison with departures, drawing from knowledge by world wealth intelligence agency New World Wealth, famend for its in depth monitoring of wealth migration patterns over the previous decade.
The Momentum Behind Migration
Dominic Volek, Group Head of Non-public Shoppers at Henley & Companions, describes 2024 as a pivotal yr in world wealth migration, stating, “This yr marks a watershed second within the world motion of wealth, with an unprecedented 128,000 millionaires anticipated to relocate, surpassing the earlier document of 120,000 in 2023.”
“Towards a backdrop of ongoing geopolitical tensions, financial uncertainties, and societal shifts, millionaires are more and more choosing relocation. This important wealth migration signifies a basic shift in world dynamics and the dispersion of wealth and affect, with far-reaching implications for each the departing and adopting nations,” added Volek.
The Attract of UAE for Millionaires
The report underscores that owing to its absence of revenue tax, attractive golden visa applications, opulent way of life, and strategic location, the UAE has firmly entrenched itself because the premier world vacation spot for migrating millionaires. It’s slated to expertise a document internet influx of 6,700 millionaires within the present yr alone.
With a constant surge in arrivals from India, the broader Center East, Russia, and Africa, alongside rising curiosity from British and European nationals, the Emirates is poised to draw almost twice the variety of millionaires in comparison with its closest contender, the US, which anticipates a internet influx of three,800 millionaires in 2024.
Following the UAE, Singapore retains its place because the third most sought-after vacation spot this yr, with a internet influx of three,500 millionaires. Canada and Australia proceed to be perennial favorites for migrating millionaires, rating fourth and fifth respectively, with internet inflows of three,200 and a couple of,500.
In Europe, Italy (+2,200), Switzerland (+1,500), Greece (+1,200), and Portugal (+800) all function on this yr’s prime 10 for internet millionaire inflows. Moreover, Japan is on monitor to welcome 400 prosperous migrants, partly pushed by an rising pattern of Chinese language high-net-worth people relocating to Tokyo publish the COVID-19 pandemic.